Moody’s cuts Guangzhou Fineland

Moody's Investors Service said it downgraded Guangzhou Fineland Real Estate Development Co., Ltd.'s corporate family rating to B3 from B2 and its senior unsecured rating to Caa1 from B3.

"The downgrade reflects Fineland's weakening liquidity, driven by its declining operating cash flow over the next 12-18 months," said Alfred Hui, a Moody's analyst, in a press release.

However, the agency said its urban redevelopment projects in Guangzhou and investment properties could offer it certain operating and financing flexibilities.

The outlook remains negative.

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